Argo, Alpine sell Hoboken rentals for $34M

The Artisan at 1400 Clinton Street and 1440 Grand Street in Hoboken, N.J.

Argo Real Estate and Alpine Development sold a two-building luxury rental project in Hoboken, N.J. to LaSalle Investment Management, an independent arm of JLL. Argo and Alpine said LaSalle paid $33.6 million for the buildings in the off-market deal.

The Artisan, a 102,000-square-foot development at 1400 Clinton Street and 1440 Grand Street, holds 59 units, all of which were leased by last month, as previously reported. Half the units at the complex were already leased by mid-November, a month after sales began. The dual four-story apartment towers have a two-story retail space at their base.

Prices range from $2,400 per month for a one-bedroom units to $4,500 per month for a three-bedroom unit. — Mark Maurer